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The issue of efficiency in choosing funding sources has become a concern for researchers, especially during the Covid 19 pandemic. Our research seeks to investigate whether family involvement and ownership can contribute to funding efficiency, especially from debt. Then we extended the test to see if earnings management behavior could affect family involvement and ownership. For this purpose, we collect family companies that are listed on the Indonesia Stock Exchange for the period 2005 to 2020. The method we use is panel data regression analysis. The results of the study prove that family involvement in management and share ownership is able to contribute to reducing the cost of debt during the covid 19 pandemic. The results also provide empirical evidence that earnings management carried out through abnormal cash flows does not affect family involvement and ownership in contributing to lowering the cost of debt. This research is expected to provide implications for family companies, especially in determining funding decisions from debt schemes.

AbstractThe purpose of this study is to identify the efforts made by family businesses to develop knowledge resources in order to improve innovative performance and market adaptability. This study employs a single case study exploratory design, with “indepth interviews” conducted with 9 participants from three companies in one group in Indonesia. The findings revealed a process of developing human and social capital resources to expand the company’s knowledge resources. Other findings identified the critical processes of empowerment and authority coordination. It was used to establish a family business that encourages generational involvement and is capable of supporting the process of increasing knowledge resources. It was used to establish a family business that encourages generational involvement and is capable of supporting the process of increasing knowledge resources. Furthermore, this research can be a foundation for encouraging resource orchestration in family businesses to increase sustainability. It is one of the studies that integrate resource orchestration theory with management knowledge and explains the importance of creating a conducive family business for sustainability due to generational involvement.

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The main objective of this study was to determine the effect of successor characteristics on the succession planning of family companies in Bali. This research was conducted at family companies on the textile and weaving industries in Bali, both small, medium and large scale, with the condition that it has done minimal succession in the second generation. Successor characteristics and succession planning were measured by a qualitative approach using a Likert scale. Then the data were analyzed using Partial Least Square Path Modeling (PLS-PM). The results of the study found that the characteristics of successors had a positive and significant effect on succession planning. It meant that the better the successor’s characteristics, the better succession planning would be. Willingness to take over the management of the family business will strengthen the commitment of all family members. Suggestions for further researchers, this family business research is limited to those engaged in the textile and weaving industry, so it needs to be expanded again for family businesses engaged in other business sectors.

Authority delegation is a process where managers allocate their authority to the subordinates who do the report for them. Authority delegation is a process of work distribution of company associates, so that they could work in accordance with their duties and be able to do the tasks effectively and efficiently. Authority delegation is executed as an effort to improve the performance of employees of a family company, UD Sahabat. The purpose of this study was to analyse the application of authority delegation in the company. This study used qualitative methods with descriptive techniques by collecting data through semi-structured interviews using the triangulation method of data sources. The participants in this study were four informants, which included company owners, company employees, professionals and HR experts. The results show that the company has 2 ways to apply delegation to its employees. First, directly: the owner of the company gives verbal authority and then instructs to immediately implement it and if there are some things that are not understood, the employee asks the company owner. Employees said that when they first worked for the company, they were only told to serve the buyers well; no special delegation was given. Second, indirectly: the delegation is given in writing and is usually applied to employees of the delivery of goods. [ABSTRACT FROM AUTHOR]

The ever-increasing competition forces companies to look for new outlets for their products. One way to break into new territories is to export. The authors chose the topic of exporting family businesses as a possible step in their future development. The aim was to compare the export activities of family companies according to their legal form. Another objective was to evaluate the effect of the exchange rate in the period before, during and after foreign exchange interventions on foreign activities. The contribution is based on general scientific methods, especially the method of compilation of specialized texts, primary quantitative and qualitative research, time series, deduction and generalization. The outputs are measured by classical statistical methods, Pearson's correlation coefficient, Crombach's alpha. The results of this study confirmed the assumption that even small and medium-sized Czech family businesses use export activities for their development. To a greater extent, companies export legal forms to joint stock companies and limited liability companies compared to self-employed.

Copyright of RAIMED: Revista de Administração IMED is the property of RAIMED: Revista de Administracao IMED and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The motivation for testing and comparing the life cycle stages of family companies stems from the fact that 60% of all SMEs in the EU are just family businesses, producing 50% of all jobs. There is a logical conclusion that most of the business activities of developed countries are products of direct or indirect work of family companies. Although numerous studies have dealt with the specificities of the company's life cycle phases, as well as the rules of comparison between companies, there are barely no studies treating variables that announce a declining phase independent of the type of company. More precisely, defining the methods and plan for avoiding the phase of poor business results could not be foreseen in the literature so far. By applying the classification tool (the decision tree), an attempt was made to different views of the world's authors on this subject into this research, in an innovative, measurable and flexible way. The survey was conducted on a sample of family companies in Serbia, and it will be potentially extended to the region.

Family businesses are identified in many instances as small-scale entities. However, among family businesse, there are many huge corporations, and many of the world's best-known brands are classified as being family orientated. They generate large revenues, which play a very important role in the global economy. In Poland, several examples of well-known brands belonging to families can be found, such as Mokate, Comarch and Farmacol. The aim of the article is to present selected large Polish family businesses against the background of some of the largest family businesses globally and to determine the difference between them. The research followed an empirical approach and is based on the analysis of secondary data sources, such as Ernst & Young Family Business Yearbook report series from 2015-2017, the Global Family Business Index ranking, and studies on Polish family businesses. The analyses confirmed that many of the global largest enterprises are indeed family businesses. The importance of family businesses in the economy is evident by the fact that in 2015, enterprises from the Global Family Business Index generated revenues higher than the GDP of most countries in the world. None of the large Polish family businesses have yet found their place in the analysed ranking, but also, in Poland, family businesses play a significant role, and some of them generate revenues of several billion dollars. Familism does not prevent enterprises from achieving a significant position in the market the largest family businesses in the world play such a strong role that their success or failure may affect the condition of the entire economy. Polish family businesses are not yet included in this group, but they are constantly growing. It can, therefore, be anticipated that in a few years, Polish family businesses will have a good representation in the Global Family Business Index and will help to ensure sustainable development of the Polish economy. [ABSTRACT FROM AUTHOR]

Family businesses often face significant challenges while trying to develop and increase their sustainability throughout generations. This is often due to their inability to properly manage the knowledge required to develop their resources to increase sustainability. Therefore, this study examines the relationship between processes of managing knowledge, dynamic capabilities, and innovative performance in an Indonesian family company in order to improve business performance. This is qualitative research with a single case study used to obtain data from nineparticipants in an Indonesian family company (“Ardiles”) that focuses on footwear. The findings showed that a family company that mobilizes knowledge can improve its members’ dynamic capabilities for proper business management and growth. Furthermore, the frequent process of mobilizing knowledge improves family members’ dynamic capabilities to create new ideas. This creative process helps to improve its innovative performance, thereby creating a sustainable competitive advantage among family companies.

In this paper I propose to show a problem that at first sight seems clear, and thus “non-scientific”; however, after a closer look at the source material, it proves to be an important factor for contemporary entrepreneurs conducting business activities. The scientific issue is encapsulated in a concise statement: the company as a value for the entrepreneur. In order to develop the presented thesis, one must point to the fact that a company that has been established by an entrepreneur has a particular value for him, both in the material sense (its valuation on the market), and in an immaterial sense (as a symbolic value). It seems that the symbolic value greatly exceeds the material value, if we consider the entrepreneur’s perspective. Analysis of the value of a company throughout the research allows us to perceive it as the actual fulfillment of an entrepreneur’s life plans, as a workplace and a family value (frequently called the family gem). The enterprise, which is at the same time a brand, is very often the entrepreneur’s brand certificate. The social involvement of the entrepreneur and the formation of an integrated, loyal team of employees are also values in themselves. Considering the non-material value, the enterprise allows the entrepreneur and the employees to meet their needs of self-realization and appreciation. The paper was prepared based on an analysis of answers entrepreneurs gave to specialist periodicals and popular dailies. In addition, I have used my own research, conducted in 2017, among entrepreneurs who represent the small and medium enterprise sector located in towns and villages. [ABSTRACT FROM AUTHOR]

The present study analyzes how intrinsic factors such as promotion, rewards and the work itself influence the motivation levels of the workers of an Ecuadorian company of telecommunications. A census that reached 90% of effectiveness was done and a Spector questionnaire (Job Satisfaction Survey) was applied consisting of 40 reagents that include 10 variables with answers in a Likert scale of six points. Descriptive statistic and analysis of Cluster accompanied by standardized values, applying SPSS 22.0 was performed. It was determined that the intrinsic factors influence in the motivation of people, that the factor intrinsic work itself is the main axis of the motivation and that it is necessary to incorporate different motivation plans. Also, it was verified that the factors promotion and rewards are in an intermediate range, and that the rewards for doing a good job should improve. [ABSTRACT FROM AUTHOR]

The paper proposes a systematization of the key success factors of projects, through the theoretical review of family-owned companies operating in the EU market. It is the small and medium companies that in their own way contribute to the overall success of the national economy in terms of economic activity, increased employment, development activities and defining better business environment. The theoretical review observed numerous studies of family businesses, and the contribution of this work is in the systematization of the results of previous research - over three horizons, i.e., over the role of managers in the creation of successful projects (or owner if it is a family enterprise), institutional support for companies in Serbia and the EU, specific industries and the parent (regional) markets where a family company operates. Project management, as a general representation of the concept of implementation of strategic and operational endeavors, contains many specifics in terms of critical success factors of projects depending on the environment in which they are implemented. The goal of the paper is reflected in the identification and presentation of critical success factors of projects implemented in family companies. The paper concludes with a discussion of the research results in relation to the existing, similar research studies, as well as with the announcement of future research, which will examine the conclusions drawn on a real sample. [ABSTRACT FROM AUTHOR]

This essay analyzes the period of consolidation of the process of professionalization in family company. Make a debate between the founder's legacy and the emerging values of the new managers using a symbolic perspective. Favorable positions and contrary to family management are found in the literature. On the strength of instrumental rationality in the business, defense professionalism prevails as opposed to a condition of lack of rationality to associated family manager. In this perspective, there are institutional pressures to family businesses to perform the management professionalization. In the cases of professionalization, until it is consolidated, there will be a symbolic clash between the founder's image and his legacy and the ideals of the new emerging leaders. Professional managers have a new front of subsidy and analysis for its decisions. We held a discussion on the new skills of professional managers.

The succession process is an important moment in the organizations’ life cycle, particularly in family companies, because according to the way the process is led, the results may represent a competitive advantage or rupture / discontinuity in their life cycle. In this paper we discuss the structural and dynamic characteristics of small family companies, trying to point out elements of analysis that were ignored in the organizational studies based in the Brazilian reality. People understand that in the structure and the dynamic of family companies we can find explanatory elements to the Brazilian family companies longevity. The empirical study was carried out in small Brazilian family companies that work with the retail trade activity in liquefied petroleum gas. Secondary data were used, to identify the sample companies, and also primary data, which were collected by interview technique and analyzed by the techniques of content analysis and discourse analysis. We conclude that the small Brazilian family company longevity is linked to the competitiveness levels expansion which depends on an organizational structure supported by systemic thought and understanding of the organizational dynamic that bind family and company in the same dimension.

Este texto visa a analisar a história da Perdigão, da sua origem, em meados da década de 1930, até hoje. O artigo parte do estudo da passagem das empresas tradicionais e familiares para as firmas modernas, com administração profissional. A Perdigão começou atuando em dois produtos e em uma única região de onde, após três décadas, cresceu, diversificou as áreas de atuação e a gama de produtos, ocupando o território nacional, tanto com unidades industriais quanto com filiais comerciais. Na seqüência, estuda-se a passagem do poder da segunda para a terceira geração, quando enfrentou dificuldades financeiras e administrativas e foi vendida pelos herdeiros. Ao deixar de ser uma empresa familiar e profissionalizar sua gestão, a Perdigão retomou o caminho do crescimento, da inovação e da disputa pelo mercado nacional e pelas exportações.This paper aims analysing the history of Perdigão, from its foundation in the mid 1930s until nowdays. The main concern is related to how traditional and family companies can become modern and professionally managed. That company started by operating with only two products in a region, from where, three decades later, expanded and diversified its business and range of products, towards the Brazilian domestic market through the installation of new industrial and commercial branches. Subsequently, the transition of power from the second to third generation, when financial and administrative difficulties emerged, leading to its sale by the heirs, is analysed in this paper. As it was no longer a family company, and its management became more professional, Perdigão returned to a path of growth, innovation and ability to compete in national as well as foreign markets.

Purpose of the article: The purpose of the paper is to define the point of family company's success. The object of research is family business as an economical phenomenon. There is a double subject of this study: firstly, to find out the main resources, from which information about successful companies can be detected and, secondly, to analyze one big family company as case study for identification its key success factors. Methodology/methods: The article was prepared on the basis of general theoretical scientific methods, in particular analysis, synthesis, analogy, comparison, generalizations, deduction and methods of expert estimates. In the first phase secondary research of scientific literature and electronic resources about the paper topic was conducted. On the base of that result, the primary research was conduct, which is based on analysis of family company E. & J. Gallo Winery. Based on the received information, the key success factors were identified. The sources of the research are internet web-pages of the company, articles about company in famous Czech business magazines and scientific journals form Emerald database, reports of company and financial data from Amadeus database and The Global Family Business Index. Scientific aim: The aim of scientific research is to improve the understanding of family company's success from the perspective of difficulties faced by family company. Findings: The results of this study allowed the finding of a main point for the family company's success based on review of key sources about successful family companies. In addition, activity of E. & J. Gallo Winery was analyzed as the case study for critical evidence that phenomenon. Conclusions: This study has contributed to the theoretical body of family business research providing an important first step to gaining insights into the family company's success and its key factors which influence effective functioning of family company. [ABSTRACT FROM AUTHOR]

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The aim of the present study is to reveal contribution of operational audit to institutionalization of company, by means of efficiency and rate of return in respect to performance metrics while balancing financial objectives with customer, process and employee perspectives by investigating a company case. In this study, firstly basic terms related to the topic are explained. Secondly, an operational audit performed at a company is investigated in a general manner. We drew a conclusion that considering contents of principles of corporate governance, information obtained asa result of operational audit has quality to contribute institutionalization process ofthe company. [ABSTRACT FROM AUTHOR]

This article presents a systems perspective on administration and psychology in the study of family owned companies. The principles of general systems theory and basic humanistic assumptions of business administration and the theoretical concepts of organizational and work psychology have been addressed. These analyses have been organized into a systematic interdisciplinary methodology to evaluate the environment of family companies and the realities of families involved in the management function. It is clearly evident that there is a pressing need to study viable ways for a joint performance evaluation between psychology and administrative functions that consider the interaction and interdependence between these disciplines. Copyright © 2015 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Purpose: The objective of the research was an assessment of the experiences of Polish owners of family companies in organizing family meetings as mechanisms of family governance as well as evaluating the usefulness of solutions developed in this sphere for both family and company. Methodology: The character of the conducted research was qualitative. The main technique used to gather data involved interviews. A total of thirty nine respondents from twenty companies were questioned. Nineteen were representatives of the older generation while twenty represented the younger second generation of owners of family businesses. Findings: Research results indicated the rather extensive use by the examined owner families of family meetings to discuss company matters. Depending on their needs, they developed various models ranging from the ad hoc bringing up of company matters to the transformation of such meetings into formal, family meetings of the management board organized in company offices. Regardless of organizational form, family meetings were an important forum for the exchange of information and views on the functioning of the company among family members. The experiences of the examined families of owners in building family governance systems, understood as a complex of structures and mechanisms making possible the maintenance of a balance between tensions stemming from economic and emotional ties among family members, both involved in the company and outside it, remain small. Research limitations: The qualitative character of the research, including the size of the examined sample (twenty family companies represented by thirty nine representatives), means that the generalizations made for the purposes of this study refer only to the experiences and opinions of the interviewed respondents. Originality: The research performed is the first of its kind devoted to family meetings as a component of the system of family governance created in the family forum of owners of family companies. At present, questions of family governance subject to Polish conditions are not a popular research field undertaken with respect to family companies. This is dictated by the current phase of development of most domestic family ventures, where no significant diversification of stakeholders on the family level has as yet occurred. However, this should in no way suggest that Polish family businesses are not acquiring their first experiences in the sphere of family governance that, in the future, may prove useful in the forming of more complex structures. [ABSTRACT FROM AUTHOR]

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This study, based on a comparison of the Combined Code Guidelines for non-executive directors between listed and unlisted boards, suggests that on unlisted boards non-executive directors have a greater degree of involvement in strategic development, financial monitoring, shareholder communication and overall board contribution than on listed boards, but a lesser degree of involvement in the monitoring of management, the setting of executive remuneration, the appointment and removal of executives, and succession planning. The importance of risk analysis and induction is considered high across both sectors, although board development and independence is considered less important on unlisted boards. [ABSTRACT FROM AUTHOR]